Illinois Workers Compensation Premium Audit

Found another simple mistake yesterday on a worker’s compensation premium audit. An owner/officers payroll was slid into the governing work comp class. This is a janitorial service client of mine in the city of Chicago and the error was simple to find.  It was simple to find because we completed a premium audit package for the insurance auditor.  We had a summary to refer back to once the final audit was completed by the insurance company.

 

BUILD AN OVERCHARGE-PROOF WORKERS COMPENSATION PREMIUM AUDIT PACKAGE

 

  • Utilize a spreadsheet
  • From your Illinois Unemployment Quarterly Reports – total each employee’s earnings for the year.
  • Slide each employee into a job duties column (make sure you’re specific as to the duties which correspond to the appropriate work comp classification).
  • Adjust for Excluded Payroll (overtime, tips, certain allowances, contributions to benefit plans, etc.)
  • Have your Certificates of Insurance ready for any subcontractors
  • Cap owners pay to the appropriate number
There's a little more to the process but you get the idea...  

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